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SUBORDINATION CLAUSE
Lessor further a~rees that it ~rvill, upon written demand by Lessee, execute auch
instruanents as may be required at any time and fram time to time to subordinate the rights
and interest of Lessor in the fee to the lien of any mortgage~ mortgages, trust deed, or
trust deeds now or hereafter at any time placed on the premises herein demised. such
mortgage or mortgages not to exceed the total sum of t ~ XTY THOLISOND AND
NO/ 100 Dollars 60, 000.00 and auch mortgage or mortgages to be
payable in full within the first ten (10) years of the term herP:r created. If required by
the lending institution, Lessor further agrees to join in the execution of such mortgage
documents as may be necessary but shall not thereby i~cur any personal liability.
Lessor further agrees that the Lessee shall have the right to obtain a mortgage on the
fee and leasehold interest herein created for the construction of the improvements as pro-
vided in Paragraph 2 hereof. It is further agreed that in the event that Lessee is unable to
obtain a mortgage for the development of the premises herein in 4he sum of S 1 XTY
THOUSAND AND NO/100 Dollars 60.000.00 ) at a rate of interest
not to exceed S~X per cent (_~~°~o) per annum for a period of time not less than
ten (10) years, Lessee shall within thi rty (30~_~Y8 have the option to terminate this
lease and declare the same null and void and of no legal effect. and any documents or monies
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~ passed hereunde r shall revert to the original parties without incurring any obligations what-
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soever. Notice of Lessee's election to exercise the option herein created must be given
?~essor within ht__i rtx (,3p~number of days after the period for the exercise of such
option in the manner and form as prescribed in Paragraph 12 hereof.
REFUSAL ON SALE
If during the term of this lease or any exteneion hereof the Lesaor shall desire to
accept a bona fide offer to sell the demised premises, the Lessor shall notify the Lessee of
such desire to sell in the manner provided in this lease for the giving of notice, and the Leasee
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shall have the right o~ first re~usal in the event oi such offer to purchase said premises upon the
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same terms and conditions of such offer by giving the Lessor written notice of its election so to
s do within fifteen (15) days after receipt of Lessor's notice. In the event the Lessee fails to
notify the Lessor of its election within the fifteen (15) day period, Lessor shall have the right
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FRIC-MCD:91063
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